Xstrata pushes Anglo | City & Business | Finance | Express.co.uk
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Analysts said that in a letter to the Anglo board last week, Xstrata chief executive Mick Davis hoped to persuade shareholders to push it into merger talks in the face of a strongly worded
rejection. However, one of Anglo’s biggest shareholders, Aviva Investors, said it supported fully the firm’s rejection of Xstrata’s proposal and saw little financial or strategic merit for
the deal. It was also happy to support the current management team led by chief executive Cynthia Carroll. Anglo shares soared 168p to 1820p on hopes a rival to Xstrata will emerge or that
the miner will pay a big premium to take control. Other Anglo investors are believed to be keen for Carroll to open talks with Davis. In a note to his letter, Davis promised the tie- up
would not lead to thousands of job cuts in South Africa. On Tuesday, South African mining minister Susan Shabanga said the deal was “unacceptable”.